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Dubai’s economy is bouncing back with latest trade figures revealing that Dubai’s trade grew exponentially to over 1.32 trillion dirhams (about US$ 362 million) in 2013, leading to a growth of about 7.6%. Regarded to be one of the richest regions in the oil-laden Middle East, the UAE and in […]
Today’s top business and economy news from the Middle East and North Africa: UAE invests $200 million in Azerbaijan projects The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million. […]
Today’s top business and economy news from the Middle East and North Africa: UAE’s First Gulf Bank inks $900m loan deal First Gulf Bank, the second-largest lender by market value in the UAE, has signed a three-year $900m loan with a group of international lenders, the bank said in a […]
Today’s top business and economy news from the Middle East and North Africa: Dubai sees no need to recapitalise support fund Dubai sees no need to recapitalise the financial support fund which provides aid to indebted state-linked companies, Sheikh Ahmed bin Saeed al-Maktoum, the head of the emirate’s Supreme Fiscal […]
Iran announced on Monday it will make investments worth $200 million in Venezuela to build four oil reservoirs and refineries for storing and refining oil products. Semi-official Fars News Agency reported that in addition to the deals, Iran will also design and construct some small refineries in the Latin American nation. […]
Today’s top business and economy news from the Middle East and North Africa: ADNOC to retain current UAE oil concession structure Abu Dhabi National Oil Co (ADNOC) director general announced on Sunday the company will present the current structure of its oil and gas concessions in the United Arab Emirates […]
The International Monetary Fund’s Middle East chief said on Sunday Iran’s economy may contract more than expected earlier this year because of weakness in the exchange rate. “The most recent round of currency depreciation and the associated uncertainty will likely have a further negative impact on economic outcomes in the coming […]
Today’s top business and economy news from the Middle East and North Africa: Emirates to buy 100 777s if Boeing builds new model Emirates, the world’s largest airline by international passenger traffic, is likely to order 100 planes or more from Boeing if the plane manufacturer upgrades the design of […]
Iranian media quoted trade officials as saying on Thursday the government has frozen the import of more than 2,000 “luxury goods” in its bid to stem the shortage of foreign currency caused by Western sanctions. According to partial lists published by various media outlets, the prohibited products include various brands […]
The Iranian parliament’s Energy Commission is set to announce new measures that will reduce the country’s crude exports to deflect Western sanctions on the oil sector, Fars news agency reported Thursday. The directives of the bill are part of Iran’s initiatives to slash crude exports to almost 77% in the […]
Today’s top business and economy news from the Middle East and North Africa: Britain, UAE enter defence partnership, discuss other deals Britain and the United Arab Emirates announced on Tuesday they have agreed a defence deal which will see boosting of the British military presence in the Gulf state. The […]
Today’s top business and economy news from the Middle East and North Africa: Dubai posts strong visitor numbers Dubai has once again emerged as one of the most popular holiday destinations on the planet as new figures suggesting that tourists continued to flock to the emirate in September. According to Dubai Airports statistics, […]
Japan’s crude oil imports from Iran in September dropped more than a third from a year earlier amid deepening Western sanctions, data released by the trade ministry showed on Wednesday. Tehran is under intense financial pressure from US and the EU which accuse the Islamic Republic of working on developing […]
Today’s top business and economy news from the Middle East and North Africa: Top UAE banker says Islamic finance ethical model for global banking A top UAE banker said on Sunday Islamic finance can be an ethical and sustainable business model in the global financial landscape in order to avoid a […]
A US Energy Department official said on Sunday that excluding Iran from the global oil market would increase the shortfall between worldwide supply and demand based on September and October production and consumption estimates. According to the department’s Energy Information Administration report released on Saturday, global fuel use averaged 2.4 million barrels a […]
Today’s top business and economy news from the Middle East and North Africa: UAE top Middle East country in terms of starting business The UAE has been ranked as the top Arab country and 22nd globally in terms of starting a business, compared to 46 in 2012, a report said on […]
Data emerging on Wednesday showed Iran’s crude oil exports to China dropped around a quarter in September from a year earlier due to delivery delays by Iranian tankers because of Western sanctions and a cut in condensate imports. According to data from the General Administration of Customs, China, which is Iran’s top […]
Today’s top business and economy news from the Middle East and North Africa: Fujairah oil port to become fully operational by year end The Abu-Dhabi – Fujairah pipeline, bypassing the Strait of Hormuz, is expected to be fully operational by the end of the year and will carry Abu Dhabi’s […]
An Iranian official claimed on Tuesday Tehran has exported some 20 million barrels of oil in the last four months through private companies despite tightening sanctions on its energy sector. Sanctions imposed by the EU and US are aimed at stopping Iran’s nuclear programme. The blanket ban applies to imports of Iranian […]
Today’s top business and economy news from the Middle East and North Africa: UAE tops Arab capital outflow; Saudi leads regional FDI The UAE remained in the top position as the largest Arab capital exporter, investing nearly $57.8 billion in global markets, while receiving a total of $85.5 billion in […]
Today’s top business and economy news from the Middle East and North Africa: Abu Dhabi included in the Global Cities list The fifth edition of Cities of Opportunity released by Price Waterhouse Cooper and the Partnership for New York City has ranked the city of Abu Dhabi as the 22nd […]
European Union governments on Tuesday imposed more sanctions against major Iranian state companies in the oil and gas industry, and strengthened restrictions on the central bank, revving up financial pressure on Tehran. EU’s Official Journal has listed more than 30 firms and institutions as targets for freezing assets in the EU, […]
Today’s top business and economy news from the Middle East and North Africa: UAE records $9.9bn fiscal surplus in 2011 The United Arab Emirates’ finance ministry said on Monday the state recorded a budget surplus of AED36.2 billion ($9.9 billion) in 2011, as it released the data to public for […]
An Iranian government official said on Monday China will come to rescue its long-term ally and help complete its $2 billion worth Tehran metro rail project which has been marred by delays due to lack of financing as a result of sanctions. Mohammad Montazeri, deputy managing director, planning & logistics, […]
Despite Washington’s tightening of financial sanctions against Iran, US exports to Tehran rose by nearly a third this year, chiefly because of grain sales, a report revealed on Monday. According to Census Bureau data, US exports hit $199.5 million in the first eight months of 2012 from $150.8 million a year earlier, […]
Today’s top business and economy news from the Middle East and North Africa: Abu Dhabi posts fastest economic growth in 2011 Data released by the Abu Dhabi government showed on Sunday the capital city’s economy grew 6.8% in inflation-adjusted terms last year, the fastest rate since 2004 and more than double […]
Iran’s OPEC governor denied on Saturday the Islamic Republic’s oil exports have declined in recent months. The statement came as a rebuttal to a report released by the International Energy Agency (IEA) that Tehran’s oil income is declining. The IEA report, released on Friday, estimated that Iran’s exports hit a new […]
A US report due to be released next week would suggest that a reduction in natural gas exports from Iran would not have much impact on world energy markets but could hurt Turkey and part of Azerbaijan. The Obama administration is going to use the report to broaden sanctions on Iran […]
Today’s top business news from the Middle East and North Africa: UAE federal budget deficit hits $762m in H1- report The United Arab Emirates’ federal budget deficit has hit AED2.8 billion ($762 million) during the first half of this year, a top finance ministry official was quoted as saying on […]
Maersk Line, the world’s biggest container shipping company, has stopped port calls to Iran amid tightening Western sanctions, company’s spokeswoman announced on Tuesday. “Maersk Line has ceased to call in Iran,” a spokeswoman for the unit of Danish group A.P. Moller-Maersk said. “This is a pragmatic decision based on an […]
Today’s top business news from the Middle East and North Africa: Etihad announces partnership with Air France-KLM Rapidly expanding UAE flag carrier Etihad Airways says it has struck a deal with Air France-KLM to market some of each other’s flights as the first stage of a larger strategic alliance. Alongside […]
Iran recently made a purchase of 11 Airbus A320 and A310 passenger planes which are on the verge of joining the country’s aviation fleet, the country’s semi-official news agency quoted a minister as saying on Sunday. “The 11 passenger planes which are due to be added to the country’s airlines until […]
Today’s top business news from the Middle East and North Africa: Oman announces desalination plants worth $400m An Omani government official announced on Thursday there are plans in place to build three desalination plants at a cost of about $400 million to meet the soaring demand for water. An official […]
Today’s top business news from the Middle East and North Africa: Dubai H1 FDI accounts 1.5% of total global; exceeds $4bn mark Foreign direct investment (FDI) in Dubai hit AED16.5bn ($4.49bn) during the first six months of 2012, official statistics released on Sunday revealed. According to the foreign investment office in […]
Today’s top business news from the Middle East and North Africa: Britain-Holland propose ‘full’ financial freeze, shipping ban on Iran Members of the European Union are discussing a sanctions proposal presented by Britain against Iran that calls for a ban on shipping and a “full” freeze on financial transactions with […]
Members of the European Union are discussing a sanctions proposal presented by Britain against Iran that calls for a ban on shipping and a “full” freeze on financial transactions with the Islamic Republic’s central bank, European diplomats said Tuesday. “Most (EU) member states are largely supportive of the proposals,” a […]
Today’s top business news from the Middle East and North Africa: Saudi king orders work on grand Medina mosque project Saudi state news agency reported on Tuesday King Abdullah has ordered the launch of a huge expansion project for the Prophet Muhammad’s mosque in the holy city of Medina. The […]
A top Iranian Revolutionary Guards commander said on Tuesday the country is prepared to defend itself in case of a “cyber war” which could cause more harm than a physical confrontation. The Islamic Republic’s nuclear programme has come under repeated cyber attacks since its uranium enrichment centrifuges were hit in 2010 by the Stuxnet computer […]
Today’s top business news from the Middle East and North Africa: UAE third most financially literate nation in Middle East – survey The latest Financial Literacy Index on Monday revealed consumers in the United Arab Emirates (UAE) have become more financially prudent over time, with their overall financial literacy ranking standing at third […]
Iran opened a foreign exchange centre on Monday that provides government-subsidised US dollars to import some goods as part of its bid to stabilise its falling currency. The rial’s street value has tumbled by more than half in the last year because of US and European sanctions against Iran’s oil and banking sectors, […]
